Seismic services constitute of extensive collection of seismic data with aim to create a 2D or 3D image of the earth’s subterranean. Further, the data is used in oil and gas industry to mitigate the risk during boring process.Hence, demand for seismic activities is particularly driven by the exploration and production (E&P) activity.
As per market analysts, the seismic services market is anticipated to be influenced by construction industry as well.
Due to consistent development in the infrastructure and construction industry, the need for seismic surveys have increased. This, in turn, is escalating growth of the seismic services market.
The upcoming reports provides comprehensive details about key factors driving the growth of the global seismic services market. It includes details of various segments and drivers likely to boost market in the tenure of forecast period (2019-2027). Further, factors which may restrain market growth is also discussed in the report.
Seismic Services Market: Notable Developments
Lately, discoveries of offshore in Mexico are projected to be way more than recent discoveries in the United States GoM, at approximately equal depths. Such factor is likely to attract enormous investment from foreign companies in order to increase exploration activities in oil and gas sector in Mexico. This, in turn, may contribute to growth of the global seismic services market.In 2019, BP discovered new resources in its Gulf of Mexico operations, along with additional 400 barrels of oil at Atlantis field and 1 billion barrels of oil at its Thunder Horse field using Wolfspar seismic technology.
The discoveries are anticipated to boost demand for seismic services.
Further, as per estimation provided by the Norwegian Petroleum Directorate, approximately 74% of overall resource is still uncovered. Also, there are still approximately 350 undeveloped discoveries in the United Kingdom Continental Shelf (UKCS), which is likely to contain 3.2 billion barrels of oil equivalent (BBOE).
Aforementioned exploration and production (E&P) activities in the deep-water and ultra-deep water reserves along with growing effort by the oil and gas companies to discover new reserves are anticipated to drive the global offshore seismic services market.
Seismic Services Market: Regional Analysis
In recent year, rise in offshore exploration activities have been witnessed in North America region, particularly in Gulf of Mexico. The region has wide untapped resources, which, in turn presents enormous opportunities for the oil and gas exploration companies. Increase in the exploration activities is anticipated to boost the seismic services market subsequently, during the forecast period.
Meanwhile, availability of huge number of exploration and production sites in the Middle East is anticipated to boost demand for the seismic services market in the region.
Similarly, most of the regions in Asia Pacific is found to be suitable for shooting 3D seismic surveys. In order to cope up with growing demand for oil in the region, the companies are collecting pre-drilling data. The factor is projected to present enormous opportunities for growth of the regional seismic services market in Asia Pacific.